Rueters

Hundreds of banks will fail, Roubini tells Barron's
Sun Aug 3, 2008 3:52pm EDT

NEW YORK, Aug 3 (Reuters) - The United States is in the second inning
of a recession that will last for at least 18 months and help kill off
hundreds of banks, influential economist and New York University
Professor Nouriel Roubini told Barron's in Sunday's edition.

Taxpayers will pay a big price for helping bail out the rest of the
financial services industry as well, Roubini said -- at least $1
trillion and more likely $2 trillion.

The banks will become insolvent because of mounting losses as a result
of the housing bust and because they have only written down their
subprime loans so far, he said. Still in front of them are their
consumer-credit losses, for which they lack the reserves, Barron's
reported.

He also said there are hundreds of millions of dollars outstanding in
home-equity loans that could be worth zero, too.

U.S. consumers, meanwhile, are "shopped out" and saving less, while
the Federal Reserve's performance in handling the crisis has been
poor, Roubini said, because it failed to see that the problem extended
beyond subprime mortgage debt.

Now, Roubini told Barron's, the government is overregulating, bailing
out troubled participants and intervening in every market.

"The regulators should investigate themselves for bailing out Fannie
Mae (FNM.N: Quote, Profile, Research, Stock Buzz) and Freddie Mac
(FRE.N: Quote, Profile, Research, Stock Buzz), the creditors of Bear
Stearns and the financial system with new lending facilities. They
have swapped U.S. Treasury bonds for toxic securities," he told
Barron's. "It is privatizing the gains and profits, and socializing
the losses as usual. This is socialism for Wall Street and the rich."

He said that sometimes it is necessary to use public money to rescue
institutions, but in a way that does not bail out the people who made
the mistakes. "In each one of these episodes, the government bailed
out the shareholders, the bondholders, and to some degree,
management," Roubini told Barron's.

As for the banks that will go bankrupt, they will include community
banks that finance homes, stores, downtown areas, commercial real
estate and other mainstays of U.S. towns and cities, Roubini said.

"Of three dozen or so medium-sized regional banks, a good third are in
distress," he told Barron's, saying half of the group could go
bankrupt. Some big banks could wind up insolvent, he added, but said
they might be deemed too big to fail.

Nouriel stressed that he is "quite bullish" about the state of the
global economy and that he is positive about the medium and long term.

(Reporting by Robert MacMillan, editing by Martin Golan)


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On Thu, 7 Aug 2008 10:25:05 -0700 (PDT), "edspyhill01@yahoo.com"
<edspyhill01@yahoo.com> wrote:

> Rueters
>
>Hundreds of banks will fail, Roubini tells Barron's
>Sun Aug 3, 2008 3:52pm EDT
>
>NEW YORK, Aug 3 (Reuters) - The United States is in the second inning
>of a recession that will last for at least 18 months and help kill off
>hundreds of banks, influential economist and New York University
>Professor Nouriel Roubini told Barron's in Sunday's edition.
>
>Taxpayers will pay a big price for helping bail out the rest of the
>financial services industry as well, Roubini said -- at least $1
>trillion and more likely $2 trillion.
>
>The banks will become insolvent because of mounting losses as a result
>of the housing bust and because they have only written down their
>subprime loans so far, he said. Still in front of them are their
>consumer-credit losses, for which they lack the reserves, Barron's
>reported.
>


and you idiots want to elect Barry?

He wants to raise taxes.

You MUST be crazy.....

--

Scott in Florida

"Scott in Florida" <MoveOn@outa.here> wrote in message
news:daem949kl6s73ihobdfghulgp9t0s3gbrv@4ax.com...
> On Thu, 7 Aug 2008 10:25:05 -0700 (PDT), "edspyhill01@yahoo.com"
> <edspyhill01@yahoo.com> wrote:
>
>> Rueters
>>
>>Hundreds of banks will fail, Roubini tells Barron's
>>Sun Aug 3, 2008 3:52pm EDT
>>
>>NEW YORK, Aug 3 (Reuters) - The United States is in the second inning
>>of a recession that will last for at least 18 months and help kill off
>>hundreds of banks, influential economist and New York University
>>Professor Nouriel Roubini told Barron's in Sunday's edition.
>>
>>Taxpayers will pay a big price for helping bail out the rest of the
>>financial services industry as well, Roubini said -- at least $1
>>trillion and more likely $2 trillion.
>>
>>The banks will become insolvent because of mounting losses as a result
>>of the housing bust and because they have only written down their
>>subprime loans so far, he said. Still in front of them are their
>>consumer-credit losses, for which they lack the reserves, Barron's
>>reported.
>>
>
>
> and you idiots want to elect Barry?
>
> He wants to raise taxes.
>
> You MUST be crazy.....
>
> --
>
> Scott in Florida

OK, let's see your numbers.

Truckdude wrote:
> "Scott in Florida" <MoveOn@outa.here> wrote in message
> news:daem949kl6s73ihobdfghulgp9t0s3gbrv@4ax.com...
>> On Thu, 7 Aug 2008 10:25:05 -0700 (PDT), "edspyhill01@yahoo.com"
>> <edspyhill01@yahoo.com> wrote:
>>
>>> Rueters
>>>
>>> Hundreds of banks will fail, Roubini tells Barron's
>>> Sun Aug 3, 2008 3:52pm EDT
>>>
>>> NEW YORK, Aug 3 (Reuters) - The United States is in the second inning
>>> of a recession that will last for at least 18 months and help kill off
>>> hundreds of banks, influential economist and New York University
>>> Professor Nouriel Roubini told Barron's in Sunday's edition.
>>>
>>> Taxpayers will pay a big price for helping bail out the rest of the
>>> financial services industry as well, Roubini said -- at least $1
>>> trillion and more likely $2 trillion.
>>>
>>> The banks will become insolvent because of mounting losses as a result
>>> of the housing bust and because they have only written down their
>>> subprime loans so far, he said. Still in front of them are their
>>> consumer-credit losses, for which they lack the reserves, Barron's
>>> reported.
>>>
>>
>> and you idiots want to elect Barry?
>>
>> He wants to raise taxes.
>>
>> You MUST be crazy.....
>>
>> --
>>
>> Scott in Florida
>
> OK, let's see your numbers.
>
>
I'm going to wait till Paris makes a statement before making up my
mind. She has better energy advisers then Bush, Omama and that old gray
fart, and I'm sure she will have better economic advisers.

On Thu, 07 Aug 2008 14:16:12 -0500, Fat Moe wrote:

> Truckdude wrote:
>> "Scott in Florida" <MoveOn@outa.here> wrote in message
>> news:daem949kl6s73ihobdfghulgp9t0s3gbrv@4ax.com...
>>> On Thu, 7 Aug 2008 10:25:05 -0700 (PDT), "edspyhill01@yahoo.com"
>>> <edspyhill01@yahoo.com> wrote:
>>>
>>>> Rueters
>>>>
>>>> Hundreds of banks will fail, Roubini tells Barron's
>>>> Sun Aug 3, 2008 3:52pm EDT
>>>>
>>>> NEW YORK, Aug 3 (Reuters) - The United States is in the second inning
>>>> of a recession that will last for at least 18 months and help kill off
>>>> hundreds of banks, influential economist and New York University
>>>> Professor Nouriel Roubini told Barron's in Sunday's edition.
>>>>
>>>> Taxpayers will pay a big price for helping bail out the rest of the
>>>> financial services industry as well, Roubini said -- at least $1
>>>> trillion and more likely $2 trillion.
>>>>
>>>> The banks will become insolvent because of mounting losses as a result
>>>> of the housing bust and because they have only written down their
>>>> subprime loans so far, he said. Still in front of them are their
>>>> consumer-credit losses, for which they lack the reserves, Barron's
>>>> reported.
>>>>
>>>
>>> and you idiots want to elect Barry?
>>>
>>> He wants to raise taxes.
>>>
>>> You MUST be crazy.....
>>>
>>> --
>>>
>>> Scott in Florida
>>
>> OK, let's see your numbers.
>>
>>
> I'm going to wait till Paris makes a statement before making up my
> mind. She has better energy advisers then Bush, Omama and that old gray
> fart, and I'm sure she will have better economic advisers.


Hmmm....he might be right...

Then again, I think she has more money than all of them combined...

"Truckdude" <
>
> "Scott in Florida" "
>> <edspyhill01@yahoo.com> wrote:
>>
>>> Rueters
>>>
>>>Hundreds of banks will fail, Roubini tells Barron's
>>>Sun Aug 3, 2008 3:52pm EDT
>>>
>>>NEW YORK, Aug 3 (Reuters) - The United States is in the second inning
>>>of a recession that will last for at least 18 months and help kill off
>>>hundreds of banks, influential economist and New York University
>>>Professor Nouriel Roubini told Barron's in Sunday's edition.
>>>
>>>Taxpayers will pay a big price for helping bail out the rest of the
>>>financial services industry as well, Roubini said -- at least $1
>>>trillion and more likely $2 trillion.
>>>
>>>The banks will become insolvent because of mounting losses as a result
>>>of the housing bust and because they have only written down their
>>>subprime loans so far, he said. Still in front of them are their
>>>consumer-credit losses, for which they lack the reserves, Barron's
>>>reported.
>>>
>>
>>
>> and you idiots want to elect Barry?
>>
>> He wants to raise taxes.
>>
>> You MUST be crazy.....
>>
>> --
>>
>> Scott in Florida
>
> OK, let's see your numbers.
>

http://cagle.com/working/080801/greenberg21.jpg

:-P

Natalie

On Thu, 7 Aug 2008 11:51:59 -0700, "Truckdude" <shruub@buushed.com>
wrote:

>
>"Scott in Florida" <MoveOn@outa.here> wrote in message
>news:daem949kl6s73ihobdfghulgp9t0s3gbrv@4ax.com.. .
>> On Thu, 7 Aug 2008 10:25:05 -0700 (PDT), "edspyhill01@yahoo.com"
>> <edspyhill01@yahoo.com> wrote:
>>
>>> Rueters
>>>
>>>Hundreds of banks will fail, Roubini tells Barron's
>>>Sun Aug 3, 2008 3:52pm EDT
>>>
>>>NEW YORK, Aug 3 (Reuters) - The United States is in the second inning
>>>of a recession that will last for at least 18 months and help kill off
>>>hundreds of banks, influential economist and New York University
>>>Professor Nouriel Roubini told Barron's in Sunday's edition.
>>>
>>>Taxpayers will pay a big price for helping bail out the rest of the
>>>financial services industry as well, Roubini said -- at least $1
>>>trillion and more likely $2 trillion.
>>>
>>>The banks will become insolvent because of mounting losses as a result
>>>of the housing bust and because they have only written down their
>>>subprime loans so far, he said. Still in front of them are their
>>>consumer-credit losses, for which they lack the reserves, Barron's
>>>reported.
>>>
>>
>>
>> and you idiots want to elect Barry?
>>
>> He wants to raise taxes.
>>
>> You MUST be crazy.....
>>
>> --
>>
>> Scott in Florida
>
>OK, let's see your numbers.
>
http://www.barackobama.com/issues/economy/#tax-relief

The code word 'invest' means we will be spending more of 'our' money.

That is an increase in taxes.

Read it and weep.

--

Scott in Florida

Fat Moe wrote:

>I'm going to wait till Paris makes a statement before making up my
>mind. She has better energy advisers then Bush, Omama and that old
>gray fart, and I'm sure she will have better economic advisers.

She'll certainly have better legs.

--